The electric vehicle sensor market has been witnessing remarkable growth, and it is expected to reach a staggering valuation of US$ 8 billion in 2022. This rapid expansion is driven by a strong demand, with an impressive compound annual growth rate (CAGR) of 16.6%. Projections indicate that the market’s value is set to soar even further, reaching an estimated US$ 37.1 billion by the year 2032.
Key factors driving demand for EV sensors include rising global electric vehicle production, the establishment of stringent regulatory rules, growing demand for vehicle electrification, and increasing preference for comfort and safety in vehicles.
Electric vehicles have developed throughout time as a result of technological advancements. These vehicles now include upgraded electronics that are powered by the vehicle’s battery pack for a variety of purposes. Technical advancements include changes in temperature, current, and pressure. Changes in temperature and load have been proved to be a concern for electric vehicles.
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As a result, they are constantly examined to guarantee that any change outside of their usual operating range is noticed and modified while the vehicle is being driven. The need for EV sensors is expected to increase over the forecast period, driven by the aforementioned factors.
Rising demand for luxury automobiles has increased the use of sensors in EVs. Besides this, as growing preference for improved vehicle safety features in passenger as well as light commercial vehicles will augment the growth in the market.
“Increased electric vehicle production, technological improvements, and growing popularity of ADAS in passenger vehicles will continue pushing sales of electric vehicle sensors over the forecast period,” says an FMI analyst.
Key Takeaways:
- Based on product type, sales of positions sensors are estimated to increase at a 17.5% CAGR through 2032.
- In terms of sales channel, the OEM segment will hold 93% of the total market share in 2022.
- By propulsion, BEVs are projected to account for more than 70% of the total market share in 2022.
- By 2032, East Asia is anticipated to dominate the market, holding a share of 43%.
- China is estimated to create an absolute dollar opportunity of more than US$ 11.4 Bn.
Competition Landscape
Key electric vehicle sensor manufacturers are introducing the most cutting-edge technologies. In addition to this, collaborations, acquisitions, and mergers are expected to remain prominent growth strategies adopted by leading players.
Some of the key electric vehicle sensor manufacturers are Analog Devices Inc., Denso Corporation, Amphenol Advanced Sensors, Infineon Technologies AG, Allegro MicroSystems, LLC, ams AG, Kohshin Electric Corporation LEM, Renesas Electronics Corporation, Sensata Technologies, STMicroelectronics, Melexis, Texas Instruments Incorporated, Vishay Intertechnology Inc, NXP Semiconductors and others.
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Key Segments Covered in Electric Vehicle Sensor Industry Analysis
Product Type:
- Temperature Sensors
- Current Sensors
- Position Sensors
- Pressure Sensors
- Speed Sensors
Sales Channel:
- OEM
- Aftermarket
Propulsion:
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Plug-In Hybrid Electric Vehicles (PHEVs)
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Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Electric Vehicle Sensor Market Projection
Increased use of position sensors in the electric vehicle industry, increase in demand for automotive sensors in hybrid and electric cars and rise in use of custom made electronic devices are the most notable factors driving the electric vehicle sensor market growth. Technological advances and expansion in the automotive industry are projected to provide profitable prospects for the market internationally. During the forecast period, each of these factors is expected to have a significant impact on the automotive sensor market.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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